Short Interest in Insmed Incorporated (NASDAQ:INSM) Grows By 6.5%

Insmed Incorporated (NASDAQ:INSM) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 11,570,000 shares, an increase of 6.5% from the May 31st total of 10,860,000 shares. Based on an average daily volume of 3,270,000 shares, the days-to-cover ratio is currently 3.5 days.

Analyst Ratings Changes

Several equities research analysts have recently commented on INSM shares. Wells Fargo & Company increased their price objective on Insmed from $55.00 to $77.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Bank of America increased their price target on shares of Insmed from $62.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Barclays boosted their price objective on shares of Insmed from $40.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Insmed in a research note on Thursday, June 20th. Finally, HC Wainwright reissued a “buy” rating and set a $70.00 price target on shares of Insmed in a research report on Tuesday. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.31.

Insmed Price Performance

NASDAQ INSM opened at $64.50 on Wednesday. The firm has a 50-day moving average price of $44.16 and a two-hundred day moving average price of $33.70. Insmed has a 12-month low of $19.74 and a 12-month high of $70.65.

Insmed (NASDAQ:INSM) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $0.16. The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $77.76 million. The company’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.17) earnings per share. On average, research analysts predict that Insmed will post -4.65 EPS for the current year.

Insider Transactions at Insmed

In related news, insider John Drayton Wise sold 5,088 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total value of $129,591.36. Following the completion of the transaction, the insider now owns 123,259 shares of the company’s stock, valued at $3,139,406.73. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Sara Bonstein sold 220,564 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $11,028,200.00. Following the sale, the chief financial officer now owns 117,481 shares in the company, valued at $5,874,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Drayton Wise sold 5,088 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total value of $129,591.36. Following the transaction, the insider now directly owns 123,259 shares of the company’s stock, valued at $3,139,406.73. The disclosure for this sale can be found here. Insiders have sold a total of 295,842 shares of company stock valued at $13,762,062 over the last 90 days. 4.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INSM. Capital International Investors acquired a new position in shares of Insmed in the 1st quarter valued at approximately $43,973,000. Norges Bank acquired a new position in Insmed during the fourth quarter valued at approximately $45,029,000. Vanguard Group Inc. lifted its stake in Insmed by 7.7% during the third quarter. Vanguard Group Inc. now owns 14,345,512 shares of the biopharmaceutical company’s stock worth $362,224,000 after purchasing an additional 1,024,956 shares during the last quarter. Clearbridge Investments LLC bought a new stake in Insmed during the first quarter worth $25,242,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Insmed by 325.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock valued at $32,870,000 after purchasing an additional 927,040 shares in the last quarter.

About Insmed

Insmed Incorporated is a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Insmed’s first commercial product is ARIKAYCE® (amikacin liposome inhalation suspension), which is approved in the United States for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options.